Stonegate Capital Partners Initiates Coverage on Seabridge Gold with Strong Valuation Outlook

Stonegate Capital Partners has initiated coverage on Seabridge Gold Inc. (NYSE: SA), providing a comprehensive analysis of the company's financial position, project portfolio, and growth prospects. As of the second quarter of 2025, Seabridge Gold maintained a strong financial foundation with $121.4 million in cash and cash equivalents, supported by a $100.2 million equity financing completed in February 2025 and a $30.5 million flow-through financing in June 2025.

The company's flagship KSM project in British Columbia's Golden Triangle represents the world's largest undeveloped gold project and the third largest copper development resource. The 2022 pre-feasibility study outlined a 33-year mine life with all-in sustaining costs of $601 per ounce net of copper credits and initial capital expenditure of $5.3 billion. The project received its Substantially Started Designation in July 2024, securing its Environmental Assessment Certificate for the life of the project. Near-term objectives include completing the KSM Site Investigation Program in the second half of 2025, supporting a future Bankable Feasibility Study and advancing the joint venture process targeting partner selection by year-end 2025.

Seabridge's Courageous Lake project in the Northwest Territories provides the company with a second Tier-1 scale project, hosting 2.8 million ounces of proven and probable gold reserves, 11.0 million ounces measured and indicated, and 3.3 million ounces inferred resources. The 2024 pre-feasibility study outlined a 12.6-year mine life producing approximately 201,000 ounces annually at an all-in sustaining cost of $999 per ounce, with an after-tax NPV5% of $523 million and IRR of 20.6%. 2025 activities focus on maintaining permits, community engagement, and initiating renewal of exploration permits expiring in 2027.

The company's exploration portfolio includes several high-impact projects with substantial organic growth potential. The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a second KSM with the 2024 discovery of the Snip North porphyry system. A maiden copper-gold resource is expected by early 2026 following an 8,000-meter drill campaign in 2025. The 3 Aces project in Yukon, a high-grade orogenic gold system, is slated for 2,500 meters of drilling in 2025, while Snowstorm in Nevada will undergo a $1.8 million geophysical program to refine drill targets near established mining operations.

Stonegate's valuation analysis applies an EV/NAV range of 0.60x to 0.80x, resulting in a valuation of C$41.85 to C$57.85 with a midpoint of C$49.85. Using an EV/Reserves valuation method with a multiple range of 20x to 30x, the analysis yields a valuation range of C$42.72 to C$67.17 with a midpoint of C$54.94. Seabridge offers exceptional leverage to metals prices and has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution.

The company's strategy focuses on securing a major joint venture partner for KSM, unlocking value from Courageous Lake, and continuing to expand its district-scale exploration pipeline. Backed by a strong leadership team, robust balance sheet, permitted flagship asset, and multiple near-term catalysts, Seabridge is positioned to emerge as one of the most compelling development stories in the global gold and copper sector. The initiation of coverage by Stonegate Capital Partners provides investors with comprehensive analysis and valuation metrics to assess Seabridge's investment potential.